Dutch brewer Heineken has announced the completion of its exit from Russia, having sold its operations to Russia’s Arnest Group for a nominal amount of one euro. The deal has received all the necessary approvals, although it is expected to result in exceptional losses of 300 million euros. Heineken had previously stated its intention to leave Russia in March 2022 in the aftermath of Russia’s invasion of Ukraine, while acknowledging that the exit process took longer than anticipated. The company’s CEO, Dolf van den Brink, emphasized the challenges faced by large manufacturing firms when exiting Russia. Heineken employed 1,800 individuals across seven breweries in Russia, with these employees receiving employment guarantees for the next three years.
In recent times, numerous multinational firms have sought to withdraw from the Russian market due to the imposition of unprecedented sanctions by Western nations. However, the Kremlin has responded by seizing certain assets. When asked if the experiences of Danone and Carlsberg had accelerated Heineken’s decision-making process, van den Brink stated that it highlighted the genuine risk of nationalization.
